So you’ve been living check to check for months or even years, struggling to keep up with your mortgage and car payments. Maybe you’ve incurred some unexpected medical or car repair bills which forced you start using your credit card more than you intended. Meanwhile creditors are hounding you nonstop, you’re not sure how or when you will be able to pay your debts, and then you ask yourself, is it time for me to file for bankruptcy?
The first thing you should know is that while it should be your last resort, filing for bankruptcy isn’t the scarlet letter that it is often perceived to be. Bankruptcy is a financial tool which, if properly utilized, can give you the new financial beginning you need.
Before you take the next step and begin filing for Chapter 7 or Chapter 13 bankruptcy protection, you should ask yourself five questions to determine whether or not it’s time.
- Are you only making minimum credit card payments?
- Are you unsure of the amount of money that you actually owe?
- Are you forced to use your credit card for necessities like food and utilities?
- Are you overwhelmed by the thought of managing your finances and coming up with a plan?
- Do you have little or no savings in case of an emergency?
If you answered yes to all or most of those questions, it may be time to speak to a qualified bankruptcy attorney about your finances and your options. The worst thing that many people do is continue to wait and allow themselves to sink further into debt.
Filing for bankruptcy will grant you an automatic stay, which gets the creditors off of your back and allows you to regroup. It will also put you on the road to financial stability, and wipe out many of your debts.
Contact the New Jersey bankruptcy attorneys at Garland & Mason, L.L.C. today to discuss your financial situation and your options going forward. We have been guiding NJ residents toward fresh financial starts through bankruptcy protection for over 25 years.